I finally got my hands on LotR Online: Shadows of Angmar Hands-on and i must say it looks like a promising game. I haven't spent that much time playing it though so the good first impression may not hold up once you've invested more than a few hours into it. Here's IGN's report on LOTRO:

"Warcraft is just hack and slay!" spits one contemptuous dwarven champion over the chat in Northern Ered Dur, just south of Thorin's Hall. And that's the general reaction here - this does have something more to offer than Blizzard's all-conquering MMO, or at least it holds its own play-wise, with the Tolkien theme an added bonus. But then we must remember this is a bunch of people who've chosen to devote dozens of hours of their lives testing a game, for free, just to say they've been there. The reality? The lord of the rings Online is good - really good, in fact.

Now, i wouldnt put it over World of Warcraft yet but get a couple of million paying subscribers, polish up the game and add more content and maybe just maybe the power of the Ring can stand up to the mighty WoW.